Affordable Housing Resource Center :
Legislation - 2008
Enacted Legislation
Housing Stimulus
H.R. 3221 Foreclosure Prevention Act of 2008 (Public Law No: 110-289)
To provide needed housing reform and for other purposes.
Economic Stimulus
H.R. 5140 Economic Stimulus of 2008
Introduced January 28, 2008 by Rep. Nancy Pelosi
Signed by President Bush on February 13, 2008
Would provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits. Under one of the provisions of the Act, owners of LIHTC property placed in service in 2008 may be able to deduct up to 50 percent of the cost of personal property and land improvements, and a portion of the cost land improvements placed in service in 2009 may also be eligible for the 50 percent deduction.
Introduced Legislation
Disaster Relief
S. 3322 Midwestern Tax Relief Act of 2008
Introduced by Rep. Charles Grassley on July 23, 2008
To provides tax relief for victims of
the Midwestern disaster in Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska and Wisconsin. The proposals are applicable to floods,
severe storms, and tornadoes that are declared by FEMA on or after May 20, 2008, and before August 1, 2008. Disasters that occur prior to this period qualify for tax relief if the
FEMA disaster declaration occurs during this period.
Green Housing
H.R. 6078, Green Resources for Energy Efficient Neighborhoods Act of 2008
Introduced by Rep. Ed Perlmutter on May 15, 2008
To encourage energy efficiency and conservation and development of renewable energy sources for housing, commercial structures, and other buildings, and to create sustainable communities
Housing Stimulus
H.R. 5818 Neighborhood Stabilization Act of 2008
Introduced April 16, 2008 by Rep. Maxine Waters
Would establish a $15 billion, HUD-administered loan and grant program for the purchase and rehabilitation of owner-vacated, foreclosed homes.
LIHTC Coordination
Draft Housing Tax Credit Coordination Act of 2008
may be introduced as an amendment to LIHTC modernization bill
Includes several provisions intended to better coordinate federal housing programs with the Low-Income Housing Tax Credit program.
Summary of provisions (as of March 13, 2008)
LIHTC Modernization
H.R. 5270 Housing Assistance Tax Act of 2008
Introduced April 8, 2008 by Rep. Charles Rangel
To provide tax credits to first-time homebuyers, improve access to low-income housing and allow families to deduct property taxes, as well as other provisions to modify the low-income housing tax credit (LIHTC). The bill provides a temporary increase in LIHTC authority and includes a number of provisions to simplify the credit. The bill would increase the current limit of the credit from $2 per capita by an additional 20 cents. The legislation would also temporarily increase mortgage revenue bond authority to allow for the issuance of an additional $10 billion of tax-exempt bonds to refinance subprime loans, provide loans to first-time homebuyers and to finance the construction of low-income rental housing.
Affordable Housing Tax Credit Coalition Response in Support of Housing Assistance Tax Act of 2008 (April 22, 2008)
White House Letter to House Speaker Nancy Pelosi advocating against the Housing Assistance Tax Act of 2008 (April 9, 2008)
Summary of the Housing Assistance Tax Act of 2008 (April 9, 2008)
Description of the Chairman's Amendement to H.R. 5720 (April 9, 2008)
Estimated Revenue Effects (April 24, 2008)
JCT Description of the Housing Assistance Tax Act (April 9, 2008)
Webcast of Ways and Means Committee Hearing on April 9, 2008
S. 2666 To Amend the Internal Revenue Code of 1986 to Encourage Investment in Affordable Housing
Introduced February 25, 2008 by Sen. Maria
Cantwell
LIHTC Modernization package that would, among other things, change the name of the program from “Low-Income Housing Tax Credit” to the “Affordable Housing Tax Credit;” change the standard for setting LIHTC credit percentages; create a single 9 percent tax credit for all projects except those financed by tax-exempt bonds; provide state allocating agencies the authority to award a 30 percent basis boost for properties that meet state-specific geographic or income targeting; and revise the housing credit scattered site rule to allow for mixed-income development, thereby allowing separate ownership of housing credit and market-rate units.
Cantwell's Introductory Statement and Text of Bill (as entered into the Congressional Record)
Section 8 Reform
S. 2684 Section 8 Voucher Reform Act of 2008
Introduced March 3, 2008 by Sen. Chris Dodd
Would improve housing voucher assistance by ensuring more effective and efficient administration, helping to attract landlords by stabilizing funding, encouraging employment for renters, and ensuring the safety and adequacy of the housing, among other provisions.